Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Insights - The company reported a revenue of 2.5 billion yuan for H1 2025, representing a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [1]. - The gross margin improved significantly to 64.61% in H1 2025, an increase of 3.13 percentage points year-on-year, driven by an increase in the proportion of proprietary brands [2]. - The company is focusing on a dual business strategy of proprietary brands and CP brand operations, with proprietary brand revenue reaching 1.039 billion yuan in H1 2025, accounting for 41.55% of total revenue [3]. - The company is building a global high-end beauty group, enhancing its brand matrix and achieving significant sales growth through various marketing strategies [4]. Financial Performance Summary - For H1 2025, the company achieved a revenue of 2.5 billion yuan and a net profit of 123 million yuan, with a gross margin of 64.61% [1][2]. - The company expects revenues of 4.655 billion yuan, 4.968 billion yuan, and 5.290 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 250 million yuan, 320 million yuan, and 400 million yuan for the same years [4][11]. - The company’s financial ratios indicate a projected PE of 33x for 2025, decreasing to 21x by 2027 [4][11].

证券代码：300740 证券简称：水羊股份 债券代码：123188 债券简称：水羊转债 水羊集团股份有限公司投资者关系活动记录表 编号：2025-004 | 投资者关系活动 | 特定对象调研 分析师会议 媒体采访 业绩说明会 ☐ ☐ ☐ | | --- | --- | | 类别 | | | | 新闻发布会 路演活动 现场参观 其他 ☐ ☐ ☐ ☐ | | | 中信证券、中信建投证券、中泰证券、中欧基金管理、中国太平洋保险、 | | | 中国平安保险、中国国际金融、浙商证券、浙江象舆行投资管理、招商银 | | | 行、长信基金、长江证券(上海)资产管理、长江证券、长安基金、粤佛基 | | | 金、甬兴证券、兴业证券、兴业基金、信达证券、新华基金、溪牛投资管 | | | 理、西部证券、天治基金、天风证券、太平养老保险、四川诚富投资管理、 | | | 四川博金汇股权投资基金、世纪证券、深圳中胤信弘投资、深圳市长青藤 | | | 资产管理、深圳市兴亿投资管理、深圳市新高投资管理、深圳市尚诚资产 | | | 管理、深圳市凯丰投资管理、深圳市华安合鑫私募证券基金、深圳前海华 | | | 杉投资管理、深圳光峰科技、上海中 ...

Market Overview - The hair medical concept sector declined by 1.01% as of the market close on August 22, ranking among the top decliners in concept sectors [1] - Major stocks in the sector that experienced significant declines include Shuiyang Co., Huabang Health, and Baicheng Pharmaceutical, while stocks that saw gains include Zhendong Pharmaceutical, Kangyuan Pharmaceutical, and International Medicine, with increases of 1.33%, 0.69%, and 0.37% respectively [1] Concept Sector Performance - The top-performing concept sectors today include: - China AI 50: +5.31% - National Big Fund Holdings: +5.00% - SMIC Concept: +3.67% - MCU Chips: +3.64% - Automotive Chips: +3.46% [2] - Conversely, the hair medical sector was among the worst performers, alongside soybean and high-pressure oxygen chamber sectors, which saw declines of 0.94% and 0.76% respectively [2] Capital Flow Analysis - The hair medical concept sector experienced a net outflow of 289 million yuan, with 15 stocks seeing net outflows and 10 stocks exceeding 10 million yuan in outflows [2] - The stock with the highest net outflow was Shuiyang Co., with a net outflow of 123.37 million yuan, followed by Kids King, Jiu Zhi Tang, and Kang En Bei with net outflows of 84.69 million yuan, 48.68 million yuan, and 23.36 million yuan respectively [2] - Stocks with the highest net inflows included Kangyuan Pharmaceutical, Zhendong Pharmaceutical, and Xianju Pharmaceutical, with net inflows of 42.76 million yuan, 31.16 million yuan, and 21.98 million yuan respectively [2][3] Individual Stock Performance - Notable declines in the hair medical sector include: - Shuiyang Co.: -4.82% with a turnover rate of 11.16% and a net outflow of 123.37 million yuan - Kids King: -0.16% with a turnover rate of 4.36% and a net outflow of 84.69 million yuan - Jiu Zhi Tang: -1.92% with a turnover rate of 5.92% and a net outflow of 48.68 million yuan [2] - Stocks with positive performance include: - Zhendong Pharmaceutical: +1.33% with a turnover rate of 6.15% and a net inflow of 31.16 million yuan - Kangyuan Pharmaceutical: +0.69% with a turnover rate of 4.39% and a net inflow of 42.76 million yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has experienced a recovery in performance in H1 2025 after a brand structure adjustment in 2024, with self-owned brand revenue reaching 1.039 billion yuan, accounting for 41.55% of total revenue, and a gross margin of 76.83%, an increase of 5.7 percentage points year-on-year [5][14] - The company focuses on high-end brand development and brand structure optimization, which has significantly improved overall gross margins [5][14] - The company is committed to empowering brands through research and digitalization, implementing a comprehensive R&D system and enhancing collaboration efficiency across multiple brands and channels [15] Financial Performance and Forecast - In H1 2025, the company achieved operating revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, and a net profit attributable to shareholders of 123 million yuan, up 16.54% year-on-year [13] - Revenue projections for 2025-2027 are 4.590 billion yuan, 4.889 billion yuan, and 5.150 billion yuan, with corresponding growth rates of 8.3%, 6.5%, and 5.3% [16] - Net profit attributable to shareholders is expected to be 247 million yuan, 322 million yuan, and 363 million yuan for 2025-2027, with growth rates of 124.4%, 30.4%, and 13.0% respectively [16] - Earnings per share (EPS) are projected to be 0.63 yuan, 0.82 yuan, and 0.93 yuan for 2025-2027 [16] Key Financial Metrics - The company has a total share capital of 390 million shares and a circulating A-share market value of 7,740.38 million yuan [8] - The asset-liability ratio stands at 48.99% [8] - The highest and lowest stock prices in the past year were 22.36 yuan and 9.60 yuan respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company experienced accelerated growth in Q2 2025, with revenue and net profit attributable to shareholders increasing by 12% and 24% year-on-year, respectively [1] - The high-end brand transformation is showing positive results, with a focus on brand building, product line expansion, and channel development [2] - The self-owned brand and CP business segments are stabilizing, with expectations for profitability in the upcoming periods [3] Financial Performance - In the first half of 2025, the company reported revenue of 2.5 billion yuan, a year-on-year increase of 9.02%, and a net profit of 123 million yuan, up 16.54% [1] - The gross margin for Q2 2025 was 65.27%, reflecting a year-on-year increase of 3.67 percentage points [1] - The forecast for net profit attributable to shareholders is projected to grow significantly from 260 million yuan in 2025 to 414 million yuan in 2027, representing year-on-year increases of 136%, 29%, and 23% respectively [3][8] Brand and Product Development - The company is enhancing its high-end brand matrix through collaborations with celebrities and high-fashion events, which are effectively reaching high-net-worth customers [2] - New product launches in the Chinese market have been successful, contributing to the overall brand product system [2] - The performance of star products has been strong, with significant sales in key categories [2] Market Position and Strategy - The company is focusing on high-end transformation, with a target to open 50 high-end stores with SPA services over the next three years [2] - The self-owned brand and CP business are expected to stabilize, with a focus on quality and resource allocation [3]

北京商报讯（记者 张君花）8月22日，水羊股份发布2025年半年度报告称，报告期内，公司实现营业收 入约25亿元，同比增长9.02%；实现归母净利润1.23亿元，同比增长16.54%。 ...

Financial Performance - The company's total revenue for the first half of 2025 was 2.5 billion yuan, an increase of 207 million yuan compared to the same period last year, marking a 9.02% year-on-year growth [1] - The net profit attributable to shareholders was 123 million yuan, up by 17.5 million yuan from the same period last year, reflecting a 16.54% increase year-on-year [1] - The net cash inflow from operating activities was 166 million yuan, an increase of 228 million yuan compared to the same period last year [1] Profitability and Efficiency Ratios - The latest asset-liability ratio stood at 48.93%, a decrease of 0.06 percentage points from the previous quarter [3] - The gross profit margin was 64.61%, an increase of 0.86 percentage points from the previous quarter and a 3.13 percentage points increase year-on-year, achieving six consecutive years of growth [3] - The return on equity (ROE) was 5.73%, up by 0.79 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share were 0.32 yuan, an increase of 0.05 yuan from the same period last year, representing a 17.41% year-on-year growth [3] - The total asset turnover ratio was 0.59 times, an increase of 0.03 times year-on-year, reflecting a 5.40% increase [3] - The inventory turnover ratio was 1.08 times, up by 0.03 times compared to the same period last year, indicating a 2.82% year-on-year increase [3] Shareholder Structure - The number of shareholders was 25,700, with the top ten shareholders holding a total of 214 million shares, accounting for 54.79% of the total share capital [3] - The largest shareholder is Hunan Yujia Investment Management Co., Ltd., holding 24.5 million shares [3]

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related holdings during the reporting period [3] Group 2 - The company has not made any retrospective adjustments or restatements of previous accounting data [2] - The report indicates that all directors attended the board meeting to review the report [1] - Important matters regarding the company's main operations and significant events can be found in the full semi-annual report for 2025 [3]

Group 1 - The board of directors of Shuiyang Group Co., Ltd. held its first regular meeting of 2025 on August 20, 2025, with all 7 directors present, meeting the legal requirements [1][2] - The board unanimously approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status for the first half of 2025 without any false statements or omissions [1][2] - The board also approved the special report on the storage and actual use of raised funds for the first half of 2025, affirming compliance with relevant regulations and confirming no violations in the use of raised funds [2]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of Shuiyang Group Co., Ltd. for the first half of 2025, showcasing a growth in revenue and net profit while emphasizing the company's focus on high-end brand development and digital transformation. Financial Performance - The company achieved a revenue of CNY 2,499.73 million, representing a year-on-year increase of 9.02% compared to CNY 2,292.85 million in the same period last year [5] - The net profit attributable to shareholders was CNY 120.59 million, up 16.54% from CNY 103.45 million in the previous year [5] - The basic earnings per share increased by 17.41% to CNY 0.3190 from CNY 0.2717 [5] - The total assets at the end of the reporting period were CNY 4,207.72 million, a slight decrease of 1.02% from CNY 4,251.11 million at the end of the previous year [5] Business Overview - Shuiyang Group primarily engages in the research, production, and sales of cosmetics, covering a wide range of products including masks, lotions, creams, and makeup [6] - The company has established deep partnerships with major e-commerce platforms such as Tmall, Taobao, Douyin, JD.com, and others, ensuring comprehensive online and offline sales channels [6][8] - The company has a global sales network with brand outlets or flagship stores in major cities across China, the UK, France, the US, and Canada [6] Industry Development - The retail sales of consumer goods in China reached CNY 24,545.8 billion, growing by 5.0% year-on-year, with cosmetics retail sales amounting to CNY 229.1 billion, a growth of 2.9% [8] - The demand for beauty products is increasingly diversified, with the Z generation becoming a significant consumer group, emphasizing product efficacy and aesthetic appeal [9] - The industry is witnessing a transformation in sales channels, with traditional e-commerce adjusting to enhance quality and service experiences, while offline channels are shifting towards experiential and service-oriented models [9] Strategic Initiatives - The company is committed to enhancing brand assets and product quality, focusing on building a marketing system that integrates online and offline channels [10] - Shuiyang Group aims to establish itself as a "global emerging luxury beauty group," emphasizing sustainable development and a multi-brand matrix [10] - The company has implemented a digital system that covers various operational aspects, enhancing efficiency in market analysis, product development, and supply chain management [15][16] R&D and Innovation - The company has a robust R&D framework, focusing on skin mechanism exploration and innovative raw material development, with 18 patents applied for and 4 granted during the reporting period [11] - Research on Eastern skin mechanisms and the development of new raw materials based on Chinese plants have been prioritized, showcasing the company's commitment to innovation [12][13] - The company has introduced new product formulations and technologies aimed at improving consumer experience and product efficacy [14][15]